Recticel slides as analyst points to 'disappointing' H1

Recticel SA

26/08/2022 09:53

** Shares in Belgian plastics group Recticel  RECT.BR  fall
around 7% after "disappointing" H1 results  urn:newsml:reuters.com:*:nFWN3012NQ
    ** The company reports a 30% increase in its H1 adjusted
EBITDA to 29 million euros ($28.93 million) and sales up 19% at
274.3 million
    ** ING calls the results "disappointing", saying EBITDA
missed the broker's estimate by 13% and sales were 16% below
    ** "We understand that the consensus was close to our
expectations," the broker adds
    ** ING is also disappointed with a lack of details on the
divestment of Recticel's Engineered Foams business  urn:newsml:reuters.com:*:nFWN2RB1H5,
and with weak profitability of its Insulation division
    ** The stock is on track for its worst day since June and
trades at its lowest level in more than a year
    ** It has lost a fifth of its value YTD

($1 = 1.0025 euros)

 (Reporting by Augustin Turpin)
 ((augustin.turpin@thomsonreuters.com))